AI-related tokens outperform wider crypto market

By Brian McGleenon • Edited by Adam James
Markets•May 10, 2024, 5:39AM EDT
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AI-related tokens outperform wider crypto market

Quick Take

  • Major AI-related tokens have rallied in the past 24 hours, outperforming the wider crypto market.
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Major artificial intelligence-related tokens have rallied in the past 24 hours, with the native cryptocurrencies associated with SingularityNET and Fetch.ai posting gains of over 6% and 5%, respectively. The latter, which utilizes AI and machine learning to automate business tasks, has seen a rally of over 15% over the past month. 

According to CoinGecko data, the AI token market cap stands at $27.7 billion — an increase of over 10% in the past 24 hours. In contrast, today's global cryptocurrency market cap stands at $2.45 trillion — a 2.6% increase in the last 24 hours.

Only one AI-related token out of the top ten has experienced a slight retracement. All other offerings among the top ten AI tokens have rallied, including the native token of Render, a decentralized platform that assists artists in accessing computing power for rendering generative AI artwork, which has gained over 7% in the past 24 hours.

Joining the daily rally of AI-related tokens is AIOZ. Its price has gained 4% to now trade at $0.85 in the past day. AIOZ's price has increased by 30% in the past seven days.

Four AI tokens post double-digit 24-hour gains

Four cryptocurrencies in the AI-token top ten posted double-digit gains in the past day.

Akash Network (AKT) recorded a 19% gain over the past 24 hours. The Graph (GRT) saw a 14% increase. Golem (GLM) and Arkham (ARKM) both experienced a 10% gain over the same period.

In contrast, the price of bitcoin climbed precariously back above the $63,000 mark — increasing over 3% in the past 24 hours to trade at $63,009 at 5:22 a.m. ET, according to The Block's Price Page.

The GM 30 Index, representing a selection of the top 30 cryptocurrencies, has increased by 2.79% to 131.92 in the past 24 hours.

Bitcoin dominance is at 50.6%, and ether dominance is at 14.9%, according to CoinGecko data.